Peter Schiff’s son moves 100% of his portfolio into Bitcoin

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Spencer Schiff, the son of the gold bug and Bitcoin (BTC) main critic Peter Schiff, appears to have decided to shift all of his portfolio investments into a single asset, Bitcoin.

“My son all-in on Bitcoin the last time it dropped below $ 50,000. 100% of its portfolio is now in Bitcoin, ”announced Gold Bug Schiff on Twitter on Wednesday. The famous Bitcoin skeptic said his son sold the last of his silver stocks for cash.

Schiff continued to express concern about the younger generation’s investment decisions, saying, “When my own son is brainwashed like this, imagine how vulnerable most children are. He crouches to infinity or to bankruptcy. ”

The crypto community has largely welcomed the announcement. Many people are confident that 100% Bitcoin investment will make Schiff’s son richer than him. “At least someone in your family will have their fortune growing this year,” wrote Anthony Pompliano, co-founder of Morgan Creek Digital, subsequently.

In response, Schiff said: “I have to disinherit him. Otherwise he’ll waste my hard-earned fortune on more Bitcoin. Schiff also stressed that his own portfolio is not limited to gold and that the “vast majority” of stocks are stocks.

Despite Schiff’s criticism of his son’s decision to buy 100% Bitcoin, Schiff himself apparently played a major role in that decision. Aside from the fact that Schiff regularly tweeted about Bitcoin, he was the one who initiated the idea of ​​Bitcoin birthday gifts for his son on Twitter in 2020. Schiff insisted that his son invested in Bitcoin “against his advice”.

Schiff, a loud bitcoin critic, claimed in 2019 that bitcoin never reached $ 50,000. After Bitcoin’s rally to $ 57,000 in February 2021, Schiff admitted that an increase to $ 100,000 “cannot be ruled out”.